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Commonwealth act
This law created Australia's Future Fund — essentially a massive government savings account designed to help pay for a very specific long-term problem: the cost of public servants' retirement entitlements (called "unfunded superannuation liabilities" — meaning pension promises the government made to employees but didn't set aside money to pay for).
Australia's population is ageing. That means in coming decades, the government will owe enormous sums to retired public servants, military personnel, judges, politicians, and others under old pension schemes. This Act creates a fund to invest money now, so the government has the cash to pay those bills later — rather than scrambling to find it from the regular budget.
The Future Fund Board of Guardians — an independent body of 7 experts (a Chair plus 6 members) appointed by the Treasurer and Finance Minister. They must have serious credentials in investing, financial asset management, or corporate governance. They are NOT public servants.
The Board is supported by the Future Fund Management Agency, which handles day-to-day administration.
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Direct links to the current provisions in Future Fund Act 2006.
Zoe has indexed the source text for search and analysis. Use the official register for the original document and download formats.
View on official registerSourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
Board members face serious legal obligations — similar to company directors. They must act with care and diligence, in good faith, and for a proper purpose. Breaches can result in:
Yes — significantly. The same Board now also manages six other government funds, including:
Money can be transferred between these funds under specific rules.
Most people won't interact with this law directly, but it matters enormously to the national budget. If the Fund performs well, the government has less need to cut services or raise taxes to pay public sector pension bills. The Fund also publishes periodic investment reports online, so taxpayers can see how their money is being managed.